Trump Drops Major Crypto Project Launch Date Hint
President Trump announced the launch date for his World Liberty Financial cryptocurrency project: September 16, 2024.
He invited supporters to a Twitter Spaces live event that evening via a video on his X account. In his remarks, Trump stressed a shift from traditional banking:
“We're embracing crypto and leaving the slow and outmoded large banks behind.”
World Liberty Financial promotes itself as a decentralized finance (DeFi) platform that challenges traditional finance. The concept has been under development for months by Donald Jr. and Eric Trump.
The site would employ the Aave protocol on the Ethereum blockchain and include a credit account structure to let users borrow and lend money, according to reports.
The idea is designed to boost US dollar-pegged stablecoin adoption and US financial power worldwide.
The Trump family has hinted about crypto involvement for some time. Eric and Donald Jr. alluded to digital currency ventures earlier this summer.
This has sparked political and bitcoin speculation. The project's whitepaper aims to mainstream DeFi adoption to provide customers alternatives to traditional banking.
The project's security and transparency are raising concerns as launch approaches. Critics including Rep. Maxine Waters have warned about DeFi's hacking and fraud risks.
Waters referenced World Liberty Financial to warn consumers and investors. Privacy services linked to criminality on the project's website also put suspicion on its credibility.
Other crypto enthusiasts have supported the project despite criticism. Some consider it a brave move that will help the US match funding. Others, like Trump supporter and Castle Island Ventures partner Nic Carter, worry that this venture might be a foolish cash grab that compromises the crypto sector's years of goodwill.
The debut's timing is intriguing, coming only weeks before the US presidential election. Trump altered his mind on cryptocurrencies after calling Bitcoin a “scam.”
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